The Federal Ministry of Finance of Bosnia and Herzegovina and the Insurance Supervision Agency of the Federation of Bosnia and Herzegovina held a meeting to discuss preparation of the insurance sector of the FBiH for modern regulatory and supervisory standards, the Agency (ANO) said on its website.

The Agency presented an activity plan related to the gradual preparation of the insurance market for transition to the Solvency II regulatory framework. The Federal Ministry of Finance expressed its support for the Agency’s activities aimed at timely and planned preparation of the insurance sector for the requirements brought by Solvency II.

It was pointed out that the next period will be particularly important for the entire insurance sector. Insurance companies will have an opportunity to assess their own level of readiness through planned activities, but they will also be expected to take a significantly more active, responsible and professional approach to fulfilling future requirements. The agency will conduct this process gradually and in a planned manner.

During the meeting, issues of further improvement of the regulatory framework in the Federation of Bosnia and Herzegovina, as well as strengthening the capacity of the Agency, were discussed, with the aim of harmonizing the insurance supervision with modern European practices and market requirements.